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US, China to slash tariffs during 90-day reprieve for talks

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U.S. Treasury Secretary Scott Bessent, right, and U.S. Trade Representative Jamieson Greer hold a news conference in Geneva on May 12 to give details of "substantial progress" following a two-day closed-door meeting between U.S. and China top officials aimed at ending a devastating tariff war. 

The U.S. and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.

The combined 145% U.S. levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on U.S. goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva.





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